The Britannia Group reports a strong 2023/24 renewal, with a significant year-on-year increase in owned tonnage to 142.0m gt (from 134.7m gt). Chartered tonnage reduced to 51.0m gt giving an overall total entered tonnage of 193m gt.
Further significant improvement in the underwriting result from the previous year was shown, with a combined ratio of 106.6% (down from 116.4%). Calls and premiums were higher than in the prior year, at USD258.1m compared with USD216.9m, due to increased rates at the 2022 renewal as well as new tonnage.
The Group says that remedial action undertaken in addition to the increase in Estimated Total Call (ETC), has put it on course to meet its target of breakeven underwriting. Further increases in ETC have been achieved at the 2023 renewal as part of a continuing process to ensure that a sustainable, balanced result is achieved.
Overall result for the year was a loss of USD77.8m post tax. The net return from the investment portfolio was negative, reflecting the volatility in all investment markets, and broadly in line with market indices.
Changes to the Britannia Group structure include the merger of the two Bermuda reinsurers in the Britannia Group, USMIA and Boudicca, and restarting a limited amount of underwriting from Britannia (UK)
Anthony Firmin, the Britannia Group’s Chairman, commented as follows: “The Britannia Group’s capital position remains one of the strongest in the IG and Standard & Poor’s continues to rate the club as A (but with a negative outlook). This year‘s renewal, with our targeted increase of 10%, was a major step towards returning to a stable outlook.
“Our Members again showed their appreciation of our high standard of service, with over 98% renewing and many increasing their entered tonnage. I am also pleased to see some notable new Members join us, who are planning to grow their entry with the Britannia Group as their relationship with us develops.”